Tencent Holdings Stock Forecast: $TCEHY at 5-year low
Chinese equities are being hurt due to covid lockdowns.continue their plunge due to new covid-related lockdowns in China. Dongguan is only the latest city to receive a lockdown order. Though it may not be a well-known city in the West, Dongguan is the fifth-largest city in China by economic output. At the time of writing, shares are down 4% just above $39. This is the same price as TCEHY traded at in July 2017.
Now is the time to focus on $33 . This is where TCEHY stock found its footing back in October 2018. Above there Tencent stock found a price ledge around $35 during the summer of 2017, but October 2018 showed that $35 did not have enough support. If there is a bottom at all in Tencent's near future, it should be found in the low $33s.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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